I would like to compile a master listing of which banks count ING Direct, Paypal, Emigrant Direct, or CashEdge/ACH push transfers as direct deposits. I realize that we have mentions of some of this information in various threads on specific bank account bonuses, but I thought it would be helpful to have a single source for ready reference.

I will begin the master list on the next post with the little bit of information I know from personal experience, and will update periodically based on the information posted in the replies to this thread. When posting, please post which methods you have successfully used to fulfill your bank's direct deposit requirements. Thanks!

Note: I am updating the list based on exactly what is reported. I am trying to assume nothing. Therefore, if someone only mentions ING works, it will only be listed on the ING list. It can probably be assumed that CashEdge would work in this case as well, but I will not add to the list until someone verifies it.

New list format: I have made a single list for banks that count any psuedo-direct deposit methods, with the methods confirmed in parenthesis. Also, since the term Cashedge is foreign to many and not completely applicable in some situations, I will simply refer to these types of transactions as ACH pushes.

shalein said: What is a cash edge transfer.Is it also an online bank?Thanks

CashEdge is an online application used by various banks and credit unions to facilitate transfers between institutions as part of the institution's online banking functionality. I'm not sure which institutions use CashEdge, or something similar, but some (like my CU) allow transfers free of charge, subject to certain daily and monthly limits. For instance, my CU will allow free 3 business day transfers up to $2000 daily (only complication is that the transfer will count against you daily limit each day until it clears, so it is really a limit of $2000/3 days), and up to $25,000 monthly. I know ETrade Bank and VirtualBank use CashEdge or a similar application to allow these transfers as part of their online functionality as well. Bank of America offers it as well, although they charge a service fee on outgoing transfers.

How do you confirm that it gets treated as DD? Do you call and ask them..sorry am lost..I need to set up DD for my citi account and I have emigrantdirect... will that work? or will paypal work..no one has confirmed yet that citi treats Paypal as dd (ING is confirmed)

EugeneV said: scripta said: I've been doing DD from ING to Presidential Bank and never had a problem with them. Not sure how this combination got on the confirmed non-working list.

Your account was never reviewed...

Exactly. What has been reported by many is that when they had to contact customer service for something unrelated the reps would review the account and note if the source of the funds did not appear to be from an approved source (pension, payroll, etc.) or they did not have a DD setup, at which time they would be required to set up the required DD or have their interest rate cut. The difference here I believe is that the larger banks make the assessment of whether you are complying with DD requirements within their systems, while Presidential seems to only be able to make that assessment through manual review. That's why at many of the larger banks you can get away with using ING or an ACH push from another account as your DD, but you cannot with Presidential. Of course, that also means that not every account is checked and some can get away with having no DD (real or artifical) at all and still retain their rate.

Moral of the story: don't give them any reason to review your account. Don't call customer service for anything, don't put in an address change, don't do anything that might require the eyes of an actual human being.

lsufanatic said: EugeneV said: scripta said: I've been doing DD from ING to Presidential Bank and never had a problem with them. Not sure how this combination got on the confirmed non-working list.

Your account was never reviewed...

Exactly. What has been reported by many is that when they had to contact customer service for something unrelated the reps would review the account and note if the source of the funds did not appear to be from an approved source (pension, payroll, etc.) or they did not have a DD setup, at which time they would be required to set up the required DD or have their interest rate cut. The difference here I believe is that the larger banks make the assessment of whether you are complying with DD requirements within their systems, while Presidential seems to only be able to make that assessment through manual review. That's why at many of the larger banks you can get away with using ING or an ACH push from another account as your DD, but you cannot with Presidential. Of course, that also means that not every account is checked and some can get away with having no DD (real or artifical) at all and still retain their rate.

Moral of the story: don't give them any reason to review your account. Don't call customer service for anything, don't put in an address change, don't do anything that might require the eyes of an actual human being.

Easier said than done buddy...we need to get real - move away from presidential if you cant have a dd..

haner said: Kinda a dumb question here but what difference does it make if it counts it as DD? I've transferred money from paypal to my citibank account numerous times and it takes about 4 days. Does it matter?

Yeah, I'm confused too. I've been using paypal with my WellsFargo checking account for years now without any problems. Either paying for stuff, or recieving payment. I just set up an ING savings account, and have made 3 transfers of money from my checking account into ING. Also, I recieve a weekly direct deposit for my payroll check from work.

So are you guys saying that you are unable to transfer money from accounts like ING into your B&M banks? Sorry, if these are dumb questions, but I want to make sure there won't be any future problems for me since my bank is listed as no DD.

Sham03 said: haner said: Kinda a dumb question here but what difference does it make if it counts it as DD? I've transferred money from paypal to my citibank account numerous times and it takes about 4 days. Does it matter?

Yeah, I'm confused too. I've been using paypal with my WellsFargo checking account for years now without any problems. Either paying for stuff, or recieving payment. I just set up an ING savings account, and have made 3 transfers of money from my checking account into ING. Also, I recieve a weekly direct deposit for my payroll check from work.

So are you guys saying that you are unable to transfer money from accounts like ING into your B&M banks? Sorry, if these are dumb questions, but I want to make sure there won't be any future problems for me since my bank is listed as no DD.

Guys - Many checking accounts are free with DD - and they have added perks like a free mini ipod (citi) or $200...etc and soo pll wann open more than 1 checking with DD though they get only one paycheck...get it??

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